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Can I wipe mine clean, reformat, and reinstall the current OS? Also has anyone done this with success?

Thanks in advance

Yes, you can do that with 10.4 Tiger, 10.5 Leopard, 10.6 Snow Leopard and 10.7 Lion.
It can be done with success too, and many have done so, including me, and it never failed for me.

To create a Clean Install (formerly known as Erase & Install) of Mac OS X 10.6 Snow Leopard (the 29 USD Upgrade DVD is a fully working retail version of Mac OS X and does not need a prior installation of Mac OS X on the Mac), follow one of the following guides:
Short version: Clean Install of OS X 10.6 Snow Leopard
Long version: Mac OS X v10.6 Snow Leopard: How to Erase and Install
 
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